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Brent oil prices experienced a significant decline after testing the $72.06 mark in recent sessions. The price has successfully reached the first target of $70.90, with expectations for further decline toward the next major target of $70.00.
The bearish trend remains intact, and additional downward momentum is anticipated to help achieve these new targets. It’s important to note that the continuation of this downward trend relies on the price remaining below $72.06.
Today’s expected trading range is between a support level of $69.70 and a resistance level of $72.70.
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